Pakistan Refinery Limited (PRL) Board of Directors (BoD) has approved obtaining a Rs3.15 billion loan for upgradation of the refinery, reported 24NewsHD TV channel on Wednesday.
The upgradation plan involves completion of front and engineering designing of the refinery.
Pakistan Refinery Limited had already written a letter to the management of Pakistan Stock Exchange (PSX) in this regard.
The loan will be returned to the Pakistan State Oil (PSO) after turning it into an equity. Official sources said that this loan will play a pivotal role for the upgradation of the energy sector.
Pakistan Refinery Limited was incorporated in Pakistan as a public limited company in May 1960. The company is engaged in the production and sale of petroleum products. The company is a subsidiary of Pakistan State Oil Company Limited (PSO).
Reporter: Ashraf Khan